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Today’s top stories
A growing number of top VCs are calling it quits, long before typical retirement age.
Between the lines: Generational turnover isn't new for venture capital, but in the past it's been born of lean times. What we're seeing now is the byproduct of unprecedented success.
The boom times are all around us (from corporate deal sprees to the breakneck rise of cryptocurrency) — and the agencies in charge are stretched thin trying to police it.
Why it matters: Overwhelmed staff and a slew of vacant posts could set back President Biden's big regulatory agenda.
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Sen. Chuck Grassley (R-Iowa), the longest-serving Senate Republican, announced on Friday that he's running for re-election in 2022.
Why it matters: The GOP is looking to regain control of both chambers of Congress in the upcoming midterm elections. Several Republicans had urged the 88-year-old senator to run to avoid another retirement after five incumbent senators said they wouldn't seek re-election.
China's central bank declared on Friday that all cryptocurrencies are illegal, banning crypto-related transactions and cryptocurrency mining, according to Reuters.
Why it matters: China's government is now following through with its goal of cracking down on unofficial virtual currencies, which it has said are a financial, social and national security risk and a contributor to global warming.
President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.
Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK.
Sudden doubts about President Biden's competence — on Afghanistan, immigration and COVID — are driving double-digit drops in his approval in private polling in swing House seats, The Cook Political Report's Amy Walter writes.
Why it matters: "[T]hese early mistakes go directly to the very rationale of his presidency; that it would be low drama and high competence."
Two years into the 5G era, expensive new cellular networks have blanketed much of the country, but they have yet to change our lives.
Between the lines: It was always going to take some time for 5G's full impact — from faster service to new uses — to arrive. But the pandemic has slowed even some of the initial benefits.
The role of charting the future of work and workplaces is no longer just the purview of the chief executive officer or the chief technology officer — it's also front-and-center for the chief people officer.
Why it matters: The human resources department is vaulting in importance as companies grapple with return-to-work plans and the war for talent is won on corporate values and culture.
Generic drug companies have asked Pfizer, Moderna and Johnson & Johnson to license their COVID-19 vaccine technology to help increase global production, but so far the vaccine makers have given them the cold shoulder.
Why it matters: Other companies are saying they have extra capacity to make more vaccines. Not using that extra capacity could prolong the pandemic throughout the world.
The House approved a $768 billion National Defense Authorization Act (NDAA) for the 2022 fiscal year in a bipartisan 316-113 vote on Thursday.
Why it matters: The annual bill, which authorizes Pentagon spending levels and guides policy for the department, would require women to register for the military draft, among other provisions.
The five Senate Republicans who helped negotiate and draft the $1.2 trillion bipartisan infrastructure bill have been privately courting their Republican colleagues to pass the measure in the House.
Why it matters: House GOP leaders are actively urging their members to oppose the bill. The senators are working to undercut that effort as Monday shapes up as a do-or-die moment for the bipartisan bill.
Several members of the Congressional Black Caucus weighed visiting the U.S.-Mexico border this week to investigate the conditions faced by Haitian migrants and protest allegations of inhumane treatment by U.S. agents.
Why it matters: It's a thorny proposition both in terms of timing and messaging. Going assures a new wave of negative headlines for President Biden amid sinking popularity. And with congressional deadlines in the coming days over infrastructure, a possible government shutdown and debt-limit crisis, Democrats can't afford to lose any votes in the House.